SAT OCT 24 2026-theGBJournal| The naira depreciated by 3.8% week-on-week to ₦1,385.05 per dollar as renewed domestic demand for foreign exchange outweighed the impact of the Central Bank of Nigeria’s (CBN) $200 million intervention, highlighting persistent pressure in the currency market.
Despite the naira’s weakness, Nigeria’s gross external reserves rose by $52.90 million to $55.15 billion as of October 21, 2026, providing a buffer against external shocks and supporting the central bank’s capacity to intervene in the foreign exchange market.
In the forward market, the naira weakened across all maturities, reflecting continued demand pressures and expectations of currency depreciation.
The one-month forward contract depreciated by 3.2% to ₦1,397.04 per dollar, while the three-month contract fell by 3.1% to ₦1,432.31. The six-month contract weakened by 3.2% to ₦1,484.84, while the one-year contract depreciated by 3.2% to ₦1,581.68 per dollar.
The broad-based weakness across forward tenors suggests that foreign exchange market participants continue to price in pressure on the naira despite the CBN’s intervention and the increase in external reserves.
Meanwhile, exchange-rate disparities between the official and parallel markets persist, particularly for the British pound and the euro, reflecting differences in foreign currency supply, demand and access across market segments.
Reported exchange-rate figures for October 24, 2026, put the official pound buying rate at ₦1,820.12 and the selling rate at ₦1,821.46. In the parallel market, the pound was quoted at ₦1,810 for buying and ₦1,845 for selling.
Based on the selling rates, the pound traded at a ₦23.54 premium in the parallel market, equivalent to approximately 1.29% above the official rate.
The euro showed a wider disparity. Its official buying rate stood at ₦1,524, while the selling rate was ₦1,525.12. In the parallel market, the euro traded at ₦1,520 for buying and ₦1,550 for selling.
This placed the parallel-market selling rate ₦24.88 above the official rate, representing a premium of approximately 1.63%.
Overall, the naira’s depreciation, weakness across forward contracts and continued premiums in the parallel market point to persistent foreign exchange demand pressures.
Although the increase in external reserves provides some support, the latest figures suggest that reserve accumulation alone has yet to eliminate the underlying pressures affecting the currency.
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